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Securitization People and Markets

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  • J.P. Morgan is in the market with a new $50 million revolver and $100 million "B" loan for SHPS that refinances a $50 million "A" loan and $15 million revolver.
  • Simon Ballard, managing director and head of credit strategy at Bear Stearns in London, has left and plans to start at BNP Paribas, also in London, next month.
  • Carl Icahn is preparing his debut hedge fund, a $3 billion pool of capital that will allow the formidable financier to take large or controlling positions in companies, according to Alternative Investment News, an LMW sister publication.
  • National MENTOR is taking out $116.4 million of holding company preferred debt held by its sponsor, Madison Dearborn Partners, and replacing it with a "B" loan and $150 million of senior subordinated notes.
  • Bank of America, GE Capital and Deutsche Bank last week launched syndication of a refinancing deal for Ashtead Group.
  • BNP Paribas is filling the book on the financing backing Ares Management's acquisition of Tinnerman Palnut Engineered Products from Kohlberg & Co.
  • Buyside accounts piled into the financing backing First Reserve Corp.'s $1.25 billion acquisition of Dresser Rand Co. from Ingersoll Rand Co.
  • Stephen DiTursi, previously head of fixed-income trading and sales at Maxcor Financial Group in New York, started this week at Morgan Keegan & Co. in New York as a corporate bond trader.